Glen Eagle has 82 million shares outstanding as of March 1, 2019. Approximately 45 million shares or 56% of all outstanding shares are owned by fewer than 10 people distributed between Management, Insiders and Partners.
Glen Eagle’s current president, Jean Labrecque was appointed 13 years ago. Under his tenure, less than 70 million shares were issued while the company was making major acquisitions in a very difficult environment for the mining industry.
- Gold Project in Honduras:
- Acquisition, construction and expansion of a gold processing plant, 100% owned by Glen Eagle through its subsidiary Cobra Oro de Honduras.
- Current crushing and milling capacity stands at 225 tonnes per day while leaching is still limited for the time being at 120 tonnes per day. The company has ordered recently additional equipment to increase by next summer (2019) its leaching capacity to meet crushing and milling throughput.
- Acquisition in May 2017 of La Cobra, one of the most sought after concession in Honduras.
- In progress to acquire new mining concessions.
- Moose Lake Phosphate Project:
- The main phosphate-bearing body on Moose Lake was estimated intially to be 1.5 kilometer long by 250 meters wide which was reconfirmed with a greater degree of certainty by the latest drilling campaign (3300 meters) conducted in early 2015.
- The company will prepare another drilling program on the property to add more mineral resources and have a NI 43-101 report when the market becomes more favorable to the sector.
- PEA Study on Authier Lithium Project which was later sold in 2016 for $4 000 000 in cash.
To have succeeded in doing all of the above with less than 70 million shares issued over the last 13 years is evidence that the corporate strategy behind Glen Eagle has been protective to its shareholders in terms of assets, common shares dilution and spending.